Beijing, October 11, 2023—In a significant move to enhance its economic engagement with the world, Chinese officials announced on Wednesday a series of measures aimed at boosting high-level opening-up and attracting foreign investment.
At a press conference held by the State Council Information Office, officials detailed plans to expand the "Catalogue of Encouraged Industries for Foreign Investment". The expansion is designed to incentivize foreign enterprises to invest in sectors critical to China's development, including the green economy, digital economy, and health industries.
"We are committed to creating a more favorable environment for foreign investors," said Hua Zhong, head of the Department of Foreign Capital and Overseas Investment at the National Development and Reform Commission (NDRC). "By expanding the catalogue, we aim to provide more opportunities for foreign businesses to participate in China's economic growth."
The announcement follows the release of an action plan to steadily promote high-level opening-up and enhance efforts to attract and utilize foreign investment. The plan includes facilitating data flow to reduce operational costs for foreign financial institutions, signaling China's intent to integrate more deeply with global markets.
The measures are part of China's broader strategy to foster sustainable development and innovation by leveraging international cooperation. By encouraging foreign participation in key industries, China seeks to accelerate technological advancement and address global challenges such as climate change and public health.
Analysts view these steps as a positive signal to the international community. "China's openness to foreign investment in burgeoning sectors presents significant opportunities for global investors," noted an industry expert. "This could lead to increased collaboration and mutual benefits."
Foreign businesses and investors are urged to explore the new opportunities presented by the expanded catalogue and the supportive policies outlined in the action plan.
